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To impart knowledge on insurance related concepts to the students with the aim of
broadening professional opportunities in the arena of insurance.
1. Concept of Insurance : Risk Management; The Concept of Insurance and its
Evolution; The Business of Insurance; The Insurance Market; Insurance Customers;
The Insurance Contract; Insurance Terminology; Life Assurance products; General
2. Regulatory Framework of Insurance Business in India : Development of
Insurance Legislation in India and Insurance Act 1938; Insurance Regulatory and
Development Authority of India (IRDAI) Functions and Insurance Councils; IRDAI
and its Licensing Functions; Policy Holders Rights of Assignment, Nomination and
Transfer; Protection of Policy Holders Interest; Dispute Resolution Mechanism;
Financial Regulatory Aspects of Solvency Margin and Investments; International
Trends In Insurance Regulation.
3. Life Insurance – Practices : Life Insurance Organization; Premiums and Bonuses;
Plans of Life insurance; Annuities; Group Insurance; Linked Life Insurance Policies;
Applications and Acceptance; Policy Documents; Premium payment, Life Insurance
Corporation (L.I.C) of India; Policy Lapse and Revival; Assignment, Nomination and
Surrender of policy; Policy Claims.
4. Life Insurance – Underwriting : Underwriting: Structure and Process; Financial
Underwriting; Occupational, Avocational and Residential Risks; Reinsurance; Blood
Disorders; Nervous System; Diabetes Mellitus; Thyroid diseases; Urinary system;
The Respiratory System; Gastrointestinal (Digestive) System; Cardiovascular
system; Special Senses: Disorders of the eyes, ears and nose; Law of contract; Life
Insurance Contract; Protection of Interest of Consumers.
5. Applications of Life Insurance : Financial Planning and Life Insurance; Life
Insurance Planning; Health Policies; Pensions and Annuities; Takaful (Islamic
6. Life Insurance – Finance : Accounting Procedures – Premium Accounting;
Accounting Procedures–Disbursements; Accounting Procedure: Expenses of
Management; Investments; Final Accounts, Revenue Account and Balance Sheet;
Budget and Budgetary Control; Innovative Concepts in Financial Reporting;
Accounting Standard Applicable to Life Insurance Companies; Financial Analysis;
Management Environment in India; Application of Financial Management Concepts
in Insurance Industry; Taxation (Current Scenario); Anti-Money Laundering
Guidelines and PML Act.; Compliance with IFRS (Involving Broader Concepts).
7. Health Insurance : Introduction to Health Insurance and the Health system in
India; Health Financing Models and Health Financing in India; Health Insurance
Products in India; Health Insurance Underwriting; Health Insurance Policy Forms
and Clauses; Health Insurance Data, Pricing & Reserving; Regulatory and legal
aspects of health insurance; Customer service in health insurance; Health Insurance
8. General Insurance – Practices and Procedures : Introduction to General
Insurance; Policy Documents and forms; Underwriting; Ratings & Premiums;
Claims; Insurance Reserves & Accounting.
9. Fire & Consequential Loss Insurance : Basic Principles and the Fire Policy; Add On
Covers and Special Policies; Fire Hazards and Fire Prevention; Erstwhile Tariff –
Rules and Rating; Documents; Underwriting; Claims – Legal & Procedural Aspects;
Consequential Loss Insurance; Specialised Policies and Overseas Practice.
10. Marine Insurance : Basic Concepts; Fundamental Principles; Underwriting; Types
of Covers; Marine Claims; Marine Recoveries; Role of Banker’s in marine Insurance;
Loss Prevention, Reinsurance, Maritime Frauds.
11. Agricultural Insurance : Glossary of Terms for Agriculture Insurance; Introduction
to Indian Agriculture; Risk in Agriculture; History of Crop Insurance in India; Crop
Insurance Design Considerations; Crop Insurance – Yield Index based Underwriting
and Claims; Weather Based Crop Insurance; Traditional Crop Insurance:
Underwriting and Claims; Agriculture Insurance in Other Countries; Livestock /
Cattle Wealth in Indian Economy; Types of Cattle & Buffaloes; Cattle Insurance in
India; Poultry Insurance in India; Miscellaneous Agriculture Insurance Schemes;
12. Motor Insurance : Introduction to Motor Insurance; Marketing in Motor Insurance;
Type of motor vehicles, documents and policies; Underwriting in Motor Insurance;
Motor Insurance Claims; IT Applications in Motor Insurance; Consumer Delight;
Third Party Liability Insurance; Procedures For Filing And Defending; Quantum
Fixation; Fraud Management and Internal Audit; Legal aspects of Third party claims;
Important Decisions on Motor Vehicle Act.
13. Liability Insurance : Introduction to Liability Insurance; Legal Background;
Liability Underwriting; Statutory Liability; General Public Liability (Industrial/Nonindustrial
Risks); Products Liability Insurance; Professional Indemnity Insurance;
Commercial General Liability; Directors and Officers Liability; Other Policies &
Overseas Practices; Reinsurance.
14. Aviation Insurance : Introduction; Aviation Insurance Covers; UnderwritingGeneral
Aviation; Underwriting Airlines; Underwriting-Aerospace; Aviation Laws;
Aviation Claims; Aviation Finance.
15. Risk Management : Risk and Theory of Probability; Risk Management Scope and
Objectives; Building up an Effective Risk Management Programme; Important Steps
in Risk Management Decision Making Process; Alternative Risk Management;
Enterprise Risk Management; Business Continuity Management and Disaster/
Emergency / Catastrophe Recovery Planning; Loss Exposures for Major Classes;
Risk Management Checklists.
16. Corporate Governance for Insurance Companies.